Mubasher: International trade is expected to dip by 27% during the second quarter (Q2) of 2020 and by 20% for the whole year, due to the economic consequences of the coronavirus (COVID-19) pandemic, according to a report by the UN Conference on Trade and Development (UNCTAD), cited by Reuters.

Major sectors, such as the automotive and energy industries, have been greatly affected by COVID-19, however, the trade of agricultural and food products is stable, according to UNCTAD's report.

The report referred that trade in developing countries sharply declined in April, as imports and exports fell by 19% and 18%, respectively, retreating faster than in developed countries.

However, China's performance was better than other major economies in April following a 3% rise in exports, but this was a short-term recovery due to an 8% decrease in imports and exports during May.